Crypto Market Update: Bitcoin Generates Profits for Trading
Bitcoin has shown signs of recovery on both national and international exchanges following a recent decline triggered by US President Donald Trump’s announcement of extensive tariffs on imports. On international platforms, Bitcoin’s price increased by 2.61%, reaching $87,373 (approximately Rs. 74.5 lakh). In India, the cryptocurrency traded at around $87,845 (about Rs. 75 lakh), marking a gain of over 2%. The past two weeks have been challenging for Bitcoin, particularly due to the trade tensions between the US and China.
Market Recovery and Investor Sentiment
Bitcoin’s recent uptick can be attributed to a resurgence in investor confidence. Alankar Saxena, Co-founder and CTO of Mudrex, noted that Bitcoin is currently trading at $87,300 (around Rs. 74 lakh) as it gains strong upward momentum. He highlighted that macroeconomic factors, such as the dollar index falling to a three-year low and rising fears of a recession, are driving investors towards Bitcoin as a safe-haven asset. Saxena mentioned that if Bitcoin closes above the monthly high of $88,700 (approximately Rs. 75.7 lakh), it could pave the way for a significant move towards $92,000 (about Rs. 78.5 lakh), with solid support at $84,000 (around Rs. 71 lakh).
Ether’s Performance Amid Market Uncertainties
Ether also experienced a price increase, rising by 1.52% on international exchanges to trade at $1,640 (approximately Rs. 1.40 lakh). In India, Ether is priced at $1,663 (around Rs. 1.41 lakh), reflecting a gain of over 1%. Riya Sehgal, a research analyst at Delta Exchange, pointed out that Ethereum is maintaining its position above $1,500 (roughly Rs. 1.28 lakh) but is encountering resistance near $1,680 (approximately Rs. 1.43 lakh). She emphasized that macroeconomic uncertainties persist, including ongoing US-China trade discussions and the Federal Reserve’s next moves. The upcoming May FOMC meeting is expected to be crucial, with only a 12% chance of a rate cut currently anticipated. While market sentiment is improving, Sehgal cautioned that a full risk-on mode has not yet been established.
Altcoin Trends and Market Capitalization
On Monday, the crypto price tracker by Gadgets 360 indicated that most altcoins were trading sideways. Notable gains were observed in cryptocurrencies such as Ripple, Binance Coin, Tron, Leo, and Shiba Inu. Conversely, Solana, Dogecoin, Cardano, Avalanche, Stellar, and Polkadot experienced losses. The overall cryptocurrency market capitalization rose by 1.70%, reaching a valuation of $2.74 trillion (approximately Rs. 2,33,93,435 crore), according to CoinMarketCap. Avinash Shekhar, co-founder and CEO of Pi42, remarked that the increasing confidence among users and improving infrastructure are contributing to the momentum toward mainstream acceptance of cryptocurrencies. He stated that the coming weeks will be critical in shaping investor strategies and the overall direction of the market.
Investment Caution Amid Volatility
As the cryptocurrency market remains volatile, analysts are advising investors to exercise caution with their investment decisions. Thorough research is essential before making any financial commitments in this unpredictable environment. The cryptocurrency landscape is characterized by its unregulated nature, making it crucial for investors to be aware of the inherent risks involved. The information provided in this article is not intended as financial or trading advice, and readers are encouraged to conduct their own due diligence before engaging in cryptocurrency investments.
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